Second quarter earnings results mixed for Lopez Group listed companiesABS-CBN Corporation and Rockwell Land Corporation continued the earnings uptick that began in the first quarter of the year.
ABS-CBN reported a 20% hike in net income for the first six months of 2015, equivalent to a 22% increase in net income attributable to equity holders of the parent (see story on this page). Rockwell Land posted a 19% rise in attributable income for the same period. Both companies registered 11% increases in attributable income in 1Q2015.
Meanwhile challenges encountered by Energy Development Corporation (EDC) slowed earnings for the energy group that includes its parent, First Gen Corporation, and First Philippine Holdings Corporation. EDC said the outage of its Tongonan Plant, trading losses on the Unified Leyte strip business, higher operating expenses and typhoon repair works led to a 14% decline in recurring net attributable income. Including nonrecurring items, consolidated net attributable income decreased by 27%. Scheduled rehabilitation programs will improve the reliability of EDC’s geothermal portfolio over the long term.
The mixed results led to an 8% increase in Lopez Holdings Corporation’s net income attributable to equity holders of the parent